Economists, stock brokers, business owners and individuals alike should have a vested interest in the state of the economy, because it is likely to affect just about everyone—granted the particular consequences vary considerably.
Mixed opinions abound over whether we’re due for a recession after the decade long expansion we’ve had since 2009 or whether people are simply applying lose patterns that don’t really mean anything concrete.
The bottom line is that It’s always impossible to predict with absolutely certainty whether or not there will be an economic recession at any time. However, the best course of action for either outcome remains the same, tried and true through time and time again: you should always act as if there is one just around the corner—and plan accordingly.
Small business owners especially need to be ever vigilant of the possibility of the economy taking a turn for the worst and take precautions ahead of time. Here’s what’s most important to keep in mind to protect your business in an ever-changing economy.